How hard is to restore credit after bankruptcy? How many years will take?

Answer 1

How hard? It will be easy. Just pay your bills on time, every time. How long will it take? That will be up to you on how long you continue to pay your obligations on time. The Bankruptcy will stay on your record for 10 years, but creditors will see if whether or not your paying your bills on time.

Answer 2

It depends on how well you learn from your mistakes.

If you are diligent about paying your bills on time and careful with credit, your credit score (FICO) can recover in three to five years. But many potential creditors will still refuse you credit until the bankruptcy drops off your credit report, which can take up to 10.

There is a member of my family who declared bankruptcy six years ago. His credit score is now 720, which is above the national average. But he has been very careful not to allow himself to abuse credit. Many people who declare bankruptcy are unable to do this and find themselves in a worse hole than before.

Answer 3

It does last about ten years on your credit report, but it isn't that difficult to re-establish your credit. One thing I would suggest is looking into obtaining a credit card from companies that offer them to those with poor credit. Some even offer unsecured cards. You can charge something small, and then pay it off. This will show a good payment history. You will find that you can even apply for loans, even to purchase a new car, with minimal hassle.

Answer 4

filing bankruptcy is a good way to get out of debt but it goes on your credit score for up to 10 years...and it will be hard to rebuild...it can take years of GOOD repayment to get back what you had.

Answer 5

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